Zacks Investment Research Lowers International Speedway (NASDAQ:ISCA) to Sell

Zacks Investment Research cut shares of International Speedway (NASDAQ:ISCA) from a hold rating to a sell rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway in Florida (home of the DAYTONA 500); Talladega Superspeedway in Alabama; Michigan International Speedway located outside Detroit; Richmond Raceway in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway in Kansas City, Kansas; Phoenix Raceway in Arizona; Chicagoland Speedway and Route 66 RacewaySM near Chicago, Illinois; Darlington Raceway in South Carolina; and Watkins Glen International in New York. The Company also owns and operates Motor Racing NetworkSM, the nation’s largest independent sports radio network and Americrown Service CorporationSM, a subsidiary that provides catering services, and food and beverage concessions. “

Other equities research analysts have also issued research reports about the company. Wells Fargo & Co reiterated a sell rating on shares of Bausch Health Companies in a research report on Monday, July 15th. ValuEngine upgraded Xylem from a hold rating to a buy rating in a research report on Friday, June 21st. Finally, BidaskClub lowered Walgreens Boots Alliance from a sell rating to a strong sell rating in a research report on Monday, June 24th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $33.50.

NASDAQ ISCA opened at $45.31 on Wednesday. The company has a 50-day moving average of $44.96. International Speedway has a 12 month low of $35.12 and a 12 month high of $45.62. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 25.00, a PEG ratio of 7.98 and a beta of 0.72. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.77 and a quick ratio of 2.77.

International Speedway (NASDAQ:ISCA) last released its quarterly earnings results on Wednesday, July 3rd. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). International Speedway had a net margin of 11.27% and a return on equity of 4.82%. The company had revenue of $168.10 million during the quarter, compared to the consensus estimate of $178.99 million. During the same quarter last year, the firm posted $0.37 EPS. The company’s quarterly revenue was down 2.1% on a year-over-year basis. On average, analysts forecast that International Speedway will post 1.89 earnings per share for the current year.

In related news, VP Derek Muldowney sold 2,594 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $45.12, for a total transaction of $117,041.28. Following the sale, the vice president now owns 9,778 shares in the company, valued at approximately $441,183.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 44.70% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of International Speedway by 3.3% during the 4th quarter. BlackRock Inc. now owns 2,826,035 shares of the company’s stock valued at $123,950,000 after purchasing an additional 90,000 shares in the last quarter. Norges Bank bought a new stake in shares of International Speedway during the 4th quarter valued at about $24,474,000. JPMorgan Chase & Co. boosted its position in shares of International Speedway by 10.7% during the 1st quarter. JPMorgan Chase & Co. now owns 300,791 shares of the company’s stock valued at $13,123,000 after purchasing an additional 29,051 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of International Speedway by 9.4% during the 4th quarter. Geode Capital Management LLC now owns 281,426 shares of the company’s stock valued at $12,343,000 after purchasing an additional 24,106 shares in the last quarter. Finally, Elliott Management Corp acquired a new position in International Speedway during the 4th quarter worth approximately $11,728,000. Institutional investors own 49.43% of the company’s stock.

International Speedway Company Profile

International Speedway Corporation, together with its subsidiaries, promotes motorsports themed entertainment activities in the United States. Its motorsports themed event operations consist principally of racing events at its motorsports entertainment facilities, which promote approximately 100 stock car, open wheel, sports car, truck, motorcycle, and other racing events.

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